Not Sure You Have Enough For A Downpayment? Why OHFA May Be Your Answer!
You want to become a homeowner. Interest rates are low and you are tired of throwing away money on rent but you’re not sure you have enough cash for a down payment and closing costs. Coming up with the cash to cover all these costs is a struggle. Does that mean homeownership is out of reach for you?
Absolutely, not! This is where OHFA can help. OHFA stands for the Ohio Housing and Finance Authority. It is a government loan program that gives buyers grant money towards closing costs and a down payment!
OHFA offers the Your Choice! Down Payment Assistance that allows homebuyers to choose either 2.5% or 5% of the home’s purchase price. So, for example if the home you are purchasing is $100,000 you could receive $5,000 that could be applied towards your down payment and closing costs. You could possibly buy a home with little or no money out of pocket!
There are a few rules with the program:
You must remain in the home for seven years. If you sell or refinance your home within seven years, you must repay all of the assistance provided.
You are required to complete the free Homebuyer Education Program. OHFA’s streamlined education program is a straightforward course and can be completed online.
To qualify for an OHFA homebuyer program you must meet the criteria listed below:
- You meet income limits. The maximum income for a 1-2 person household in most Ohio counties is up to $93,600 and 3 or more person household up to $113,820.
- You meet credit score requirements.
- Conventional, USDA and VA Loans: 640 or higher
- FHA Loans: 650 or higher
- You meet debt to income ratios for your loan type.
Another benefit of using OHFA is you can combine many of their program options to maximize your home buying options and you don’t have to be a first time buyer to use their programs!
OHFA is a fantastic program! Curious about it? Reach out and let us help you see if OHFA can put you on the path to homeownership! ✉️hello@haven-hr.com
